Humphrey Hospitality Reports 3Q Results

COLUMBIA, MD— Humphrey Hospitality Trust, a REIT with 91 limited service hotel properties, reported that for the third quarter ended September 30, 2001, FFO was $4 million, or $0.33 per diluted share, compared to $3.8 million, or $0.32 per diluted share last year. Total revenue increased to $9.3 million, up 5.7% from $8.8 million for the third quarter of 2000. Net earnings for the third quarter were $1.9 million, or $0.17 per share, compared to $1.6 million, or $0.15 per share a year ago. RevPAR was $35.55 for the third quarter of 2001, down 5.3% from $37.52 for the same period in 2000. The reduction in RevPAR was attributed to a decline in the overall occupancy rate, from 73.2% to 68.1%, partially offset by an increase in the average daily rate, which climbed $0.92 to $52.50 for the third quarter 2001, as compared to the same period in 2000. “Although the unfortunate events of September 11, 2001 have adversely affected the hospitality industry as a whole, commented George Whittemore, president/CEO of Humphrey Hospitality Trust. “ADR and occupancy rates at the majority of our hotels have not deteriorated significantly from levels seen in the immediate days prior to the tragedy.”